Gold edged up on Monday and was poised to touch record peaks as the safe haven demand was bolstered by Iran’s strike on Israel, although the robust greenback capped significant gains.

Markets were also anticipating Israel’s response to Iran’s attack, considering that the consequences were minor.

Spot gold advanced by 0.6% to $2,357.81 per ounce post touching a record peak of $2,372.62 per ounce during the weekend while gold futures muted at $2,373.0 per ounce following a record peak of $2,389.0 per ounce.

The major support for the yellow metal was gained from Iran’s strike against Israel, in response to the incident in Syria at the Iranian Embassy.

The action implied the possibility of Iran further intervening in the war between Israel and Hamas, and the occurrence of escalated disruption in the Middle East that may also trigger US intervention.

However, Israeli ministers and the US showed no intentions to take revenge or retaliate back over the strike for the time being.